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In a move to quell growing public unease, the Nigerian National Petroleum Company Limited (NNPCL) has stepped forward to clarify swirling rumors about a potential revival of fuel subsidies.
The company’s timely intervention aims to set the record straight and provide much-needed transparency on this contentious issue.Olufemi Soneye, Chief Corporate Communications Officer, released a statement on Tuesday, shedding light on the company’s true role.
From Abuja, he debunked subsidy payment claims, revealing that the company is simply managing the PMS importation shortfall, a critical step to maintain the nation’s fuel supply.
In its recently released 2023 Audited Financial Statement (AFS), the company reported an impressive net profit of ₦3.297 trillion for the fiscal year concluded in December 2023. This significant growth translates to a 28% increase, or ₦700 billion, over the preceding year’s profit of ₦2.548 trillion.
The release of the AFS, said Umar Ajiya, Chief Financial Officer, underscores the company’s pledge to uphold the highest standards of transparency and accountability, ensuring that its financial activities are conducted in a fair and open manner.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
Umar Ajiya further noted that the impressive financial returns underscore NNPC Ltd’s dedication to maintaining profitability and contributing to the achievement of national energy security, as mandated by the Petroleum Industry Act (PIA) 2021 and expected by the company’s shareholders.
Read also: Atiku Challenges Tinubu On Fuel Subsidy Controversy
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Dapo Segun appealed for understanding from Nigerians, saying that the company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
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At a press conference on Monday, Chief Pius Akinyelure, Chairman of the NNPC Ltd. Board, attributed the company’s exceptional performance to the successful implementation of the Petroleum Industry Act (PIA) 2021 and the tireless efforts of the Board, Management, and staff.
Chief Pius Akinyelure further announced that, in accordance with the provisions of the Petroleum Industry Act (PIA) 2021, the company’s shareholders have approved a final dividend payout of N2.1 trillion, a move that underscores the company’s commitment to delivering value to its stakeholders.
Oritsemeyiwa Eyesan, Executive Vice President, Upstream, highlighted during the briefing that thanks to the intensified efforts to combat crude oil theft and pipeline vandalism, NNPC Ltd. is poised to achieve a significant milestone of two million barrels per day crude oil production by year-end.
Regarding the current fuel queues in Lagos and the FCT, Dapo Segun, Executive Vice President, Downstream, urged Nigerians to bear with the situation, assuring that the company is collaborating with relevant stakeholders to resolve the underlying distribution, evacuation, and logistics issues.